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Problem - Eliminating Entries, Noncontrolling Interest
On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $650,000, an amount $20,000 in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow:
Set Company
Consolidated Balances
1/1/14 retained earnings
190,000
880,000
Net income from above
132,000
420,000
Dividends declared
(50,000)
(88,000)
12/31/14 retained earnings to the balance sheet
272,000
1,212,000
Required - Determine the total noncontrolling interest that will be reported on the consolidated balance sheet on December 31, 2014. How does the noncontrolling interest differ between the cost method and the equity method?
nevada company has three producing departments p1 p2 and p3 for which direct department costs are accumulated. in
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